“If a staffer is pulling long hours on a special project”, said Zujew, “they’ll reach out to the family and make sure some Swiss Chalet is delivered to the home or a cleaning person is sent. It’s a small investment with a big return in loyalty”, he says.
“The cost to retrain somebody, to bring in a new employee and do all the onboarding is way greater than doing something like that.”
|A company can save $20,000 simply by retaining a staffer with a $65,000 salary! It makes sense, then, to have a strategy in place to minimize turnover and there are a myriad of creative approaches to do just that within a company. The above is just one of them. Of course one of the most basic approaches that a company should start with is a strong Benefits and Group Savings Plan. What we can all agree on, however, is the necessity to limit turnover to stay competitive and protect the bottom line.
Check this handy turnover cost calculator out to help identify how much your company can save by limiting turnover!